Iran’s Oil Output hits 3.8m bpd in February

The Organization of the Petroleum Exporting Countries (OPEC) said Iran’s oil production reached a new record high of 3.8 million barrels per day in February.

According to OPEC’s monthly report on Tuesday, the February figures showed Iran was producing about 36,100 barrels a day above its previous level, reaching 3.8 million barrels per day.

Earlier in the day, Iranian Oil Minister Bijan Namdar Zanganeh said Iran will keep its oil production cap at 3.8 million barrels per day in the second half of 2017 provided other OPEC members stick to the output level they agreed in November.

“If OPEC members stay committed to the agreement (on freezing output), Iran will produce 3.8 million bpd of oil in (the) second half of the current year,” Bijan Namdar Zanganeh said, Reuters reported.

OPEC agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico.

Iran, Libya and Nigeria were exempt from the November agreement on production cuts.